Tuesday, October 8, 2013

Indices closed down 1.07% to 2.00%......

Indices were in high volume selling mode.....

 S&P 500 @ 1655.45, low 1655.03

 RSI @ 39.19

 CMF @ -0.032

 Internals were :

 Down volume led by 8.38 to 1 in NYSE & 12.42 to 1 in Nasdaq

 Declining stocks led by 4.25 to 1 in NYSE & 3.99 to 1 in Nasdaq

 Net new 52 wk lows were leading by 15 in NYSE & highs by 7 in Nasdaq

 VIX UP 4.79% @ 20.34

 Oil @ $103.49

 Gold @ $1324.60

 AH ER YUM Down 7.02%.....AA UP 3.02%

 AH Futures UP

 AH Asian Markets Mixed

 AH Oil & Gold Down

 About market, IBD tonight has lowered its market outlook to "market in correction". Indices closed near lows of the day. So far S&P 500 has lost 74.87 points or down 4.33% in fourteen trading days. Politicians are still dug in with same rhetoric of "unconditional surrender" by other party. As indices are deeply oversold, we may get a weak bounce on Wednesday while politicians scramble for "face saving tactics".

 BLOG does NOT give buy or sell.

 Saleem
at

8 comments:

  1. stocktrader_1996October 8, 2013 at 8:33 PM

    Hey Saleem,

    I get the feeling we are nearing the end of the posturing with a likely 1-3 month extension being proposed--maybe over the weekend? The market sent a clear signal today, and I think there's too many holes in the contingency plans to prioritize debts past the 17th.

    I may pick up X tomorrow if I can get a decent price. Given AA's results in a lower aluminum price environment, X should do even better as I believe some steel prices rose in Q3 and X resolved their strike ahead of expectations (although that will matter more for outlook than Q3).

    RALY's lockup expiration is tomorrow. I am interested to see the reaction.

    Stocktrader

    ReplyDelete
  2. Stocks100October 9, 2013 at 6:30 AM

    Hi Stocktrader,

    Politicians has to do something which will border on face saving & no real peogress in dealing with any issues...push it into future....same old game.

    X chart looks very impressive.

    Saleem

    ReplyDelete
  3. stocktrader_1996October 9, 2013 at 6:37 AM

    Hey Saleem,

    Bought X @ 21.05.

    Stocktrader

    ReplyDelete
  4. stocktrader_1996October 9, 2013 at 7:26 AM

    Hey Saleem,

    I think we just hit the emotional bottom, so I'm tempted to make some switches for higher beta--something like FCX for CLDX at these levels.

    I can sell TZA as soon as tomorrow and get more long exposure.

    Stocktrader

    ReplyDelete
  5. Stocks100October 9, 2013 at 7:28 AM

    Hi Stocktrader,

    YES...CAPITULATION was in the air.....sell sell sell mentality..sky is falling......which means a "final turn UP"

    Saleem

    ReplyDelete
  6. Stocks100October 9, 2013 at 8:46 AM

    Hi Stocktrader,

    Sold KOG @ $11.73

    Added 70% MU @ $17.21

    Saleem

    ReplyDelete
  7. stocktrader_1996October 9, 2013 at 9:17 AM

    Hey Saleem,

    Good switch for an earnings play. MU has much more opportunity to beat than KOG this quarter.

    Stocktrader

    ReplyDelete
  8. Stocks100October 9, 2013 at 9:33 AM

    Hi Stocktrader,

    MU guidance should be better..based on fire @ competitor...

    Saleem

    ReplyDelete